Internet resources



Internet resources – related links

Chapter 1

(Financial Times) – international business and economic information

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Career-related facts and figures

(U.S. Securities and Exchange Commission’s EDGAR website)

This provides online access to all security registrations and financial documents filed by public companies with the SEC since 1994



The combined code on good governance for UK Listed companies



UK-based Association of Corporate Treasurers which includes quizzes and a magazine



Repository of finance jobs out of London

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These contain profiles of financial service companies and links to recruitment

Chapter 2



Free annual reports for many international companies



The International Accounting Standards Board website



You can retrieve a fairly extensive ratio analysis of a given company by typing in a ticker symbol



You can see a sample of a Risk Management Association industry analysis and the material that explains the ratios, quartiles, and other information that is available from RMA



This site contains a link to Yahoo! Finance for retrieval of recent financial statements and a wide variety of other financial information for many firms

Chapter 3



A nice, Java applet type, graphical illustration of loan amortization that allows you to solve for payments, present and future values



This contains numerous financial calculators that can be purchased and added to a website



Try the “How Finance Works” link to learn about many applications of present and future value mathematics; this has a number of useful interactive graphs



This site provides helpful tutorials on time value concepts

Chapter 4



An extremely comprehensive site with extensive coverage of current events, policy issues, and research related to the bond markets; has an extensive list of links to other bond sites on the Web



This site provides an enormous amount of information on the bond markets



A consumer-oriented site offering various online financial calculators that allow you to calculate a bond’s after-tax yield to maturity, the effect of interest rate movements on a bond’s price, and many other figures



The international body that acts as a guardian of best practice in corporate bonds



This site offers a Java-animated yield curve juxtaposed to a plot of the S&P 500, a share index that includes 500 of the biggest and most important firms in the market; allows you to watch historical movements in stock and bond markets simultaneously



Information on European yield curves, their creation and the different types of yield curves that exist.

Chapter 5

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At the exchanges site you can learn about listing requirements, gather statistics on listed shares and trading volume, and stay abreast of current market events.



Mergent’s site collects data on “dividend achievers,” firms that have increased their dividend payments for ten or more consecutive years.



Here is a Web site devoted to the dividend discount model for valuing shares



The site of the world federation of stock exchanges, a great source of comparative information

Chapter 6



This is an excellent resource for free historical data on shares returns, bond returns, and inflation



Use this site to obtain historical returns and estimates of volatility such as standard deviation for mutual funds



A site which gives a solid overview of the risk return relationship in the context of funds management



A company in the UK which has interesting papers on the equty risk premium and unquoted shares.

Chapter 7



Part of a commercial site, this provides a great introduction to portfolio management



Online textbook introduces the foundations of portfolio theory -- risk versus return, CAPM, beta, SML, APT, and more



Link to the work of the Nobel laureate who developed the capital-asset pricing model



A slightly different view on portfolio formation and selection



The view of a central bank on the components of risk in management of a portfolio

Chapter 8



A site that has definitions and examples of many finance concepts, including most of the capital budgeting tools discussed in this chapter.



This site contains a report by the President’s Commission to Study Capital Budgeting, a group created in 1997 to evaluate capital budgeting techniques used by other governments and the private sector.



The site maintained by South Western Publishing Company that summarizes news events relating to capital budgeting and investment evaluation techniques.



A report on capital budgeting processes in a major industry.

Chapter 9



An excellent comparison of accounting standards for different countries



An interesting report, prepared in 1999 for President Clinton, outlining capital budgeting trends and practices in both the public and private sectors



This site can be used for personal investment decisions by calculating your own marginal tax rate



This site can be searched by registered users for used equipment in many different industrial sectors; can use market prices of used equipment to form estimates of salvage value or terminal value for a long-lived project



A great set of free capital budgeting related spreadsheets

Chapter 10



A website which contains information relevant to calculating the WACC, including equity betas, total market value of equity, and debt-to-equity ratios



A fee-based site with cost-of-capital estimates for more than 300 industries



The website of NYU professor Aswath Damodaran; contains downloadable data sets with levered and unlevered industry betas, as well as industry-level estimates of the cost of capital



A worked-through example of calculation of cost of capital for a company



An evaluation of how the factors that determine the cost of capital for UK companies have changed over time

Chapter 11



The Bank of New York’s ADR Web site provides detailed information about ADR listing and trading patterns. This site also makes available the Bank’s semiannual ADR Market Summary report



A portion of the NYSE site, offering an exceptional virtual tour of the exchange floor that shows which stocks trade at each “post” and gives numerous up-to-date trading statistics for each stock



A site full of links to other sites, which include IPO data, research articles, and other information



Site operated by Renaissance Capital, offers up-to-date information on three types of new equity financing: venture capital, IPOs, and seasoned equity offerings; has a calendar of upcoming financing events



How to write clear, informative disclosure documents for the investors, with a preface from Warren Buffet



A UK-based company that allows individual investors the opportunity to get invested in IPO’s

Chapter 12



Investopedia’s take on the MM theorems

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Three sites from which you can download leverage figures for specific companies and compare them to figures for firms in the same industry as well as firms in other industries



A site that provides country-specific tax information for dozens of countries, as well as links to a wide variety of tax-related sites



A site with information on bond ratings as well as the latest changes to ratings on outstanding bonds



Useful concise site on capital structure choices



This site looks at the practical issues in the choice of capital for companies

Chapter 13



A website which describes how to identify and to invest in companies with high dividend yields



A site listing recent stock splits and dividend changes; includes record dates, ex-dividend dates, and payment dates



This describes what a dividend reinvestment plan (DRIP)is and how it works; lists the companies that offer these plans, which allow shareholders to automatically use the cash they receive in dividends to purchase additional shares of company stock

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General information on Dividend Reinvestment Plans (DRIPs)

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A Guide from two different countries on how dividends are taxed and treated by the revenue authorities



A site that mails subscribers details of the dividend payments and policies of companies listed on the London Stock Exchange



This website has a company dividend announcement service



The tensions between various stakeholders regarding dividends versus retention

Chapter 14



British business angels association



Website of the European Venture Capital & Private Equity Association, which presents detailed information about Europe’s venture capital industry and provides numerous reports about the European venture capital scene



Website of the National Venture Capital Association, which presents a wide range of data and provides reports about the U.S. venture capital industry, much of it current



Website of PricewaterhouseCoopers MoneyTreeTM, which presents details about the company’s quarterly and annual venture capital surveys, and offers the company’s electronic publication, Global Private Equity Report, which can be downloaded

Chapter 15



This is the site of the Bank for International Settlements. It offers a wide range of information related to the banking industry as well as interest data on international financial markets



Click on the “Markets and Data” link and then launch the foreign exchange map. The map provides a wealth of information such as the name of each nation’s currency and (using color codes) how the value of each currency has changed relative to a base currency (which you can choose)



This site provides data on the Euribor (Euro Interbank Offered Rate), a rate on loans between prime banks within the European Monetary Union



This site provides data on eleven different European stock exchanges



This site offers an enormous amount of information on the foreign exchange markets



The site for ISI Emerging Markets specializes in providing data on emerging markets around the world



At this site you can create charts and graphs showing historical data on most of the world’s major currencies

markets/Bigmac/Index.cfm

This gives the Economist Big Mac PPP index, a fun, widely quoted, if limited measure of relative exchange rate value



A paper that examines the extent and nature of international financial integration.

Chapter 16



A site offering price quotes for many options and provides several tutorials that explain the characteristics of options and how they are traded



Website of Chicago Board of Trade (CBOT), the oldest major futures exchange, which lists futures contracts for both commodities (corn, wheat, soybeans, gold) and financial instruments (two-, five-, ten-, and thirty-year Treasury bonds, Eurodollars)



This is the site of the Chicago Mercantile Exchange, another leading market for derivative securities



Comprehensive derivatives valuation service aimed at the non-professional user, and has over 50 derivatives models and provides help on every input to each model



Website of the Eurex futures exchange, which began in December 1996 as a joint venture between the Swiss Exchange and the Deutsche Börse, and within an amazingly short period of time emerged as a leading international futures market



The website for what was the London International Financial Futures Exchnage, now part of the Euronext group



The International Swaps and Derivatives Association

Chapter 17



“The Laws That Govern the Securities Industry” section of the U.S. Securities and Exchange Commission’s Web site; provides a brief overview of the six key laws that the SEC enforces, including those relating to tender offers and M&A regulations



The “Competition” section of the European Union’s official Web site; describes the key legislation setting up this Commission, provides an overview of its enforcement philosophy, and describes key ongoing cases.



Provides a summary overview of worldwide mergers activity.



A database of mergers in Europe



A survey and analysis of central and eastern European mergers and acquisitions

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